Singapore Real Estate
Luxury home sales fall 50% on-year in Q1, with just one foreign buyer
Singapore: Sales of luxury homes in Singapore fell by 50 per cent year-on-year in the first quarter ending March. These are mostly apartments that are worth at least S$5 million (US$3.7 million).
https://www.channelnewsasia.com/singapore/luxury-home-sales-fall-half-q1-foreign-buyers-decrease-absd-tax-property-residential-real-estate-4315701
No bids for Pine Grove’s mega en bloc sale at S$1.95 billion price
The latest collective sale attempt by owners of Pine Grove condominium closed on Monday (May 6) without any bids, sending its owners into a 10-week private treaty negotiation period with interested parties.
https://www.businesstimes.com.sg/property/no-bids-pine-groves-mega-en-bloc-sale-s-1-95-billion-price
Consider housing policy tweaks to boost Singapore’s birth rate
The total fertility rate (TFR) per female among Singapore residents hit a record low of 0.97 in 2023, down sharply from over 1.7 in the early 1990s. The number of resident life-births in 2023 of 30,510 compares with over 46,000 in the mid-1990s.
https://www.businesstimes.com.sg/opinion-features/consider-housing-policy-tweaks-boost-singapores-birth-rate
HDB resale volumes recover in April as fewer BTO launches push demand to secondary market
Resale volumes of Housing and Development Board (HDB) flats rebounded in April, snapping two months of decline, based on flash estimates from SRX and 99.co. This came as the reduction in Build-To-Order (BTO) launches decreased the supply of new flats, driving some homebuyers to turn to the resale market, said property analysts from Huttons and OrangeTee.
https://www.businesstimes.com.sg/property/hdb-resale-volumes-recover-april-fewer-bto-launches-push-demand-secondary-market
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-09-in-april-volume-rebounds-157
Business News
Far East Orchard looks to sell Rendezvous Hotel Perth Central for A$18.5 million
Hotel operator and property developer Far East Orchard (FEOR) announced on Monday (May 6) that its subsidiaries are selling Rendezvous Hotel Perth Central and its business for A$18.5 million (S$16.5 million).
https://www.businesstimes.com.sg/property/far-east-orchard-looks-sell-rendezvous-hotel-perth-central-18-5-million
FLCT posts 1.1% lower H1 DPU of S$0.0348 on higher vacancies, expenses
Frasers Logistics and Commercial Trust (FLCT) posted a 1.1 per cent fall in distribution per unit (DPU) to S$0.0348 for its first half ended Mar 31, from S$0.0352 in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/flct-posts-1-1-lower-h1-dpu-s-0-0348-higher-vacancies-expenses
Lendlease Global Reit’s committed portfolio occupancy rises to 88.8% in Q3
Lendlease Global Commercial Reit LReit) on Monday (May 6) reported a committed portfolio occupancy of 88.8 per cent for the third quarter ended Mar 31, 2024, up from 87.9 per cent from the previous quarter.
https://www.businesstimes.com.sg/property/lendlease-global-reits-committed-portfolio-occupancy-rises-88-8-q3
https://www.straitstimes.com/business/companies-markets/lendlease-global-reit-s-committed-portfolio-occupancy-rises-to-888-in-3rd-quarter
Paragon Reit posts 3% rise in Q1 gross revenue to S$73.8 million
Paragon Real Estate Investment Trust : SK6U -0.59% (Reit) grew its gross revenue 3 per cent year on year to S$73.8 million in the first quarter ended Mar 31, it announced in a business update on Monday (May 6).
https://www.businesstimes.com.sg/companies-markets/paragon-reit-posts-3-rise-q1-gross-revenue-s-73-8-million
https://www.straitstimes.com/business/companies-markets/paragon-reit-posts-3-rise-in-q1-gross-revenue-to-738-million
Global Economy & Real Estate
US renters seeing chance of owning a home at record low: NY Fed survey
https://www.businesstimes.com.sg/property/us-renters-seeing-chance-owning-home-record-low-ny-fed-survey
BlackRock cuts jobs in muni business under new leadership
https://www.businesstimes.com.sg/companies-markets/banking-finance/blackrock-cuts-jobs-muni-business-under-new-leadership
Delayed US rate cuts means slower recovery for Asia-Pacific commercial property market, CBRE survey shows
https://www.scmp.com/business/article/3261565/delayed-us-rate-cuts-means-slower-recovery-asia-pacific-commercial-property-market-cbre-survey-shows
China’s services activity growth eases in April, but new business and export orders accelerate
https://www.scmp.com/economy/economic-indicators/article/3261513/chinas-services-activity-growth-eases-april-new-business-and-export-orders-accelerate?module=top_story&pgtype=section
China’s central bank survey shows ‘precarious’ job market, low consumption demand still weighing on economy
https://www.scmp.com/economy/china-economy/article/3261487/chinas-central-bank-survey-shows-precarious-job-market-low-consumption-demand-still-weighing-economy?module=top_story&pgtype=section
China May Day holiday spending delivers mixed picture on post-Covid recovery
https://www.businesstimes.com.sg/international/global/china-may-day-holiday-spending-delivers-mixed-picture-post-covid-recovery
https://www.channelnewsasia.com/business/china-may-day-holiday-spending-delivers-mixed-picture-post-covid-recovery-4315666
https://www.scmp.com/economy/china-economy/article/3261615/china-sees-labour-day-tourism-surge-paving-way-sectors-full-spectrum-recovery?module=top_story&pgtype=section
China home sales slump 47% over May Day holiday vs 2023
https://www.businesstimes.com.sg/property/china-home-sales-slump-47-over-may-day-holiday-vs-2023
https://www.channelnewsasia.com/business/china-home-sales-slump-47-over-may-day-holiday-vs-2023-4315686
A small Zhejiang city has a big idea for China’s property market, but broader reform will take time
https://www.scmp.com/opinion/china-opinion/article/3261590/small-zhejiang-city-has-big-idea-chinas-property-market-broader-reform-will-take-time
Shenzhen eases home buying to revive sales in China tech hub
https://www.businesstimes.com.sg/property/shenzhen-eases-home-buying-revive-sales-china-tech-hub
Eurozone business activity grows at fastest pace in almost a year, PMI shows
https://www.businesstimes.com.sg/international/eurozone-business-activity-grows-fastest-pace-almost-year-pmi-shows
Eurozone at turning point needs consumers to get out and spend
https://www.businesstimes.com.sg/international/eurozone-turning-point-needs-consumers-get-out-and-spend
German deficit forecast at 1.75% in 2024, says stability council
https://www.businesstimes.com.sg/international/german-deficit-forecast-1-75-2024-says-stability-council
How can Hong Kong boost tourism? Industry leaders call for better government coordination, aligned bay area plans
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261639/hong-kong-government-can-boost-tourism-better-coordination-alignment-bay-area-plans-industry-leaders?module=top_story&pgtype=subsection
Hong Kong property: most middle-income households see prices rising now restrictions are in the past, Citibank survey finds
https://www.scmp.com/business/article/3261582/hong-kong-property-most-middle-income-households-see-prices-rising-now-restrictions-are-past
Hong Kong property: New World and China Merchants Shekou to jointly develop Northern Metropolis project
https://www.scmp.com/business/commodities/article/3261633/hong-kong-property-new-world-and-china-merchants-shekou-jointly-develop-northern-metropolis-project
Indonesia’s first-quarter GDP growth beats forecasts, but outlook is uncertain
https://www.straitstimes.com/business/indonesia-s-q1-gdp-growth-beats-forecasts-highest-in-three-quarters
https://www.channelnewsasia.com/business/indonesias-q1-gdp-growth-beats-forecasts-outlooks-uncertain-4315341
South Korea’s probe alleges 211.2 billion won of illegal short trades
https://www.businesstimes.com.sg/international/south-koreas-probe-alleges-211-2-billion-won-illegal-short-trades
https://www.straitstimes.com/business/south-korea-s-probe-alleges-210-million-of-illegal-short-trades
https://www.channelnewsasia.com/asia/south-korea-short-selling-stocks-foreign-investment-banks-violations-investigation-4315281
Swedish property group SBB’s loss shrinks in Q1 and sees improving capital market
https://www.businesstimes.com.sg/property/swedish-property-group-sbb-s-loss-shrinks-q1-and-sees-improving-capital-market
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